Examples of cultural factors in the following topics:
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- As we saw in the case study, Wal-Mart came up against all these factors when attempting to launch in Germany.
- When products are introduced, it is important to consider cultural factors.
- As a result, they didn't have sufficient knowledge about the market structure and key cultural / political issues.
- In addition, structural factors prevented Wal-Mart from fully implementing its successful business model.
- Describe how market structure and business model, culture and communication, political and regulatory, and product/service factors impact a company's market success and failure
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- American culture, for example, values hard work, thrift and achievement.
- There are generally three components of a culture: beliefs, values, and customs.
- Culture can be further divided into subcultures.
- Culture is considered an external factor in influencing consumer behavior.
- Marketing strategies should reflect the culture that is being targeted.
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- Organizations must keep in mind the internal and external factors that influence audience perception during the communications process.
- Some people may process the humor in a company advertisement more quickly than others due to factors such as age or culture.
- Each of the factors within the environment interacts with the communication system to a different degree.
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- The main factors that influence experience, involvement, and satisfaction with a product are personal, social, object and situational.
- Certain cultures highly discourage women from exposing some of their body parts as part of their religious beliefs, which inevitably affects their consumption of clothing.
- In general, four main factors influence a consumers's experience, involvement, and satisfaction with a product:
- For example, certain cultures highly discourage women from exposing some of their body parts as part of their religious beliefs, which inevitably affects their consumption of clothing.
- Other examples of cultural influences include language, myths, customs, rituals, and laws.
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- Consumer behavior is strongly influenced by many internal and external factors, including:
- External influences: culture, sub-culture, locality, royalty, ethnicity, family, social class, past experience reference groups, lifestyle, and market mix factors
- An individual's motivation, perception, attitude, and beliefs are considered psychological factors.
- Other factors such as income level, personality, occupation, and lifestyle are categorized as personal factors.
- Escape-seeking dichotomy model: Escapism and seeking are major factors influencing decision making.
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- Secondary values also exist in any culture.
- Many factors can place an individual in one or several subcultures.
- Five of the most important factors that create subcultures are:
- Material culture - People with similar income may create a subculture.
- While the differences between our cultural background in the United States and those of foreign nations may seem small, failure to consider cultural differences is one of the primary reasons for marketing failures overseas.
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- In the global marketing mix, pricing factors are manufacturing cost, market place, competition, market condition, and quality of product.
- However, global marketers must be prepared to deal with not only cultural expectations of pricing, but also external variables including trade tariffs, political and economic fluctuations, and the administrative or legal criteria of specific jurisdictions.
- Global marketers must carefully consider how to position their product in global markets, and whether their products are considered high-end, economical or something in-between according to cultural norms and customs.
- The price of oil is a factor is the prices of many goods, as increasing oil prices raise the transportation costs of these goods.
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- There are a number of common approaches for how the external factors, which describe the macro environment, can be identified and examined.
- These factors indirectly affect the organization but cannot be controlled by it.
- Of the four categories explored in the PEST analysis, the company has the least control over economic factors.
- Two more factors, the environmental and legal factor, are defined within the PESTEL analysis (or PESTLE analysis).
- The six environmental factors of the PESTEL analysis are the following:
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- Many firms task their marketing teams to promote a culture of entrepreneurial thinking via initiatives in and outside the organization.
- The size and scope of marketing efforts is determined by organizational factors, such as budget, people, the supply chain, customers, competition, and external environments.
- Many brands task their marketing teams to promote a culture of entrepreneurial thinking via initiatives in and outside the organization.
- Although these "intrapreneurs" may face obstacles (e.g., cultural or fiscal conservatism, lack of research) and experience failures before achieving success, organizations can benefit from valuable data resulting from intrapreneurship.
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- When branding and packaging for international products, careful consideration must be placed on factors such as language, colors, customs, aesthetics and placement.
- Colors also have different meanings in different cultures.
- All cultures have their own unique set of customs and taboos.
- The phrase, "Beauty is in the eye of the beholder", is a very appropriate description for the differences that exist between cultures.
- Using Coca-Cola as an example, not all cultures use vending machines.